Maritime Repays $500,000 Anaconda Loan

Anaconda Mining,which wants to take-over Maritime Resources, had said in a news release that Maritime was in default on the loan. The news release was dated March 19th, 2018.

Code Consulting Limited, the original lender, assigned the loan to Anaconda on March 12th.

Today Maritime Resources announced that it repaid the loan in full on March 26th.

According to Maritime, the loan was for $500,000, bore interest of 8% per annum for one year and was originally due April 25, 2018.

The original loan had included a provision for early repayment under certain circumstances, including if Maritime raised $2 million or more in equity or debt financing. With the closing of Maritime’s private placement announced March 1, 2018, it had passed that threshold.

Maritime stated now that the loan is repaid, it is debt free. The company said it will continue its “aggressive development and exploration season already well underway on both the Hammerdown and Whisker projects. The work will consist of geophysical surveys that are underway and a 3000-metre drill program.

Maritime added that permitting is well underway on the mine’s dewatering work that is expected to start early summer of 2018.

Springdale Forest Resources equipment and trucks have been seen at the access road to Hammerdown mine.